Logwin Reports Satisfactory Development in 2023 Amid Challenging Market Conditions

The Logwin Group, based in Grevenmacher, Luxembourg, announced a satisfactory financial performance for the year 2023, navigating through a challenging market environment. The company reported a decrease in Group revenue to EUR 1,257.5 million from EUR 2,259.0 million in 2022, primarily attributed to lower freight rates and changed market conditions. The operating result (EBITA) also saw a dip to EUR 91.7 million from EUR 120.1 million the previous year.

Despite these challenges, the Logwin Group's net result saw an increase to EUR 80.2 million, bolstered by an improved financial result and the reassessment of deferred tax assets. The Air + Ocean business segment experienced a significant reduction in sales, coming down to EUR 917.2 million from EUR 1,796.0 million in 2022, largely due to a considerable fall in freight rates and a decline in volumes. The Solutions business segment also faced lower revenue at EUR 341.9 million compared to EUR 466.3 million in 2022, influenced by the termination and sale of business activities alongside freight rate-related factors.

Nevertheless, the Solutions business segment reported a pleasing improvement, with an operating result (EBITA) of EUR 18.9 million, a notable increase from a negative EUR -3.6 million in the previous year. This improvement was credited to discontinuing loss-making activities and enhancing performance at various locations. The Group's free cash flow and net liquidity saw minor alterations from the previous year, standing at EUR 64.6 million and EUR 280.4 million, respectively. Logwin AG also announced intentions to propose a dividend distribution of EUR 14.00 per share for 2024, adjusted from EUR 24.00 per share in the previous year.